Monthly Archives: March 2017

Looking to buy property in the Fort Myers or Cape Coral areas? Curious about what factors can impact your mortgage payments on that property?

Well, as this story shows, the amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your mortgage payment.

Below is a breakdown in bullets:

down payment

loan size

interest rate – fixed or adjustable

repayment term – how long

payment schedule – how often

all affect the size of your payment.

At Title Junction we believe an informed client is a happy client. Want more explanation on mortgage payments? Give us a call at 239.415.6574.

Do the TRID rules apply to your Fort Myers or Cape Coral area real estate?

TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity loans, and loans secured by vacant land or by 25 or more acres.

The rule does NOT apply to Home Equity Line of Credit transactions reverse mortgages mortgages secured by a mobile home or other dwelling that is not attached to real property.

Also, TRID rules do NOT apply to loans made by a person or business that makes 5 or fewer mortgages in a calendar year.

More questions about TRID? Call Title Junction – The Premier Title Insurance Provider Serving Cape Coral, Fort Myers And The State Of Florida. Call 239.415.6574.

In case you missed it, check out our last Title Junction post to help understand what Equity means.

Have you heard the term “Equity” before and wandered what it actually means? In short, Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market.

In the example this video shows – if you have a house in Fort Myers or Cape Coral worth $300,000 today and you owe the bank $200,000. Your equity would be $100,000.

If the house is valued at $500,000 in five years, and you still owe $150,000 your equity will be $350,000.

Equity grows if the property value goes up or if the amount owed goes down. The key thing to remember, simple as it sounds, is that you “own” increases in value. The bank’s loan doesn’t go up if the home’s value goes up.

Equity in a home can be used as collateral for loans but a house is not a piggy bank. Home equity can become a key financial asset over time; treat it wisely.

More questions about understanding Equity in Fort Myers, Cape Coral and other surrounding areas? Give Title Junction a call at 239.415.6574.

Often times we at Title Junction get asked about how to find more information about schools and community resources. One of the easiest ways to do that is to contact the Chamber of Commerce for either Cape Coral or Fort Myers for promotional literature or talk to your real estate agent about welcome kits, maps, and other information.

You can get information about school systems by contacting the city or county school board or the local schools. A good place to start for more information on schools in the areas of Cape Coral and Fort Myers is the Lee County School Board.

You may also want to visit a Lee County library branch. It can be an excellent source for information on local events and resources and the librarians will probably be able to answer many of the questions you have.

More questions about Community Resources and Schools in the Fort Myers, Cape Coral, and other surrounding areas? Give Title Junction a call at 239.415.6574.